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Indiana Code Title 26. Commercial Law § 26-1-9.1-901

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 901. (a) If a person presents a financing statement to the secretary of state for filing or recording, the secretary of state may refuse to accept the financing statement for filing or recording if:

(1) the financing statement is not required or authorized to be filed or recorded with the secretary of state;  or

(2) the secretary of state has reasonable cause to believe the financing statement is materially false or fraudulent.

(b) A fraudulent financing statement that the secretary of state may refuse to accept includes the following:

(1) Any financing statement that has the same name listed as both the debtor and the secured party.

(2) Any financing statement that identifies an individual debtor as a transmitting utility.

(3) Any financing statement that is determined to be intended for an improper purpose, such as hindering, harassing, or wrongfully interfering with another person or entity.

(4) Any financing statement that is filed:

(A) without the consent or participation of the:

(i) obligor named in the financing statement;

(ii) person named in the financing statement as debtor;  and

(iii) owner of collateral described or indicated in the financing statement;  or

(B) by consent of an agent, a fiduciary, or another representative of the secured party of record without the consent of the secured party.

(5) Any financing statement that is forged.

(c) The secretary of state does not have a duty to inspect, evaluate, or investigate a financing statement that is presented for filing or recording.

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Cite this article: FindLaw.com - Indiana Code Title 26. Commercial Law § 26-1-9.1-901 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-26-commercial-law/in-code-sect-26-1-9-1-901/

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